UGANDA – In an effort to promote investments in the pathogenic industry, Uganda Investment Authority (UIA) has offered an investment license to one of the world’s biggest and fastest growing manufacturers of medical diagnostic products, Guangzhou Wondfo Biotech Co. Ltd.
The company is setting shop in Uganda to manufacture pharmaceuticals, medicinal chemicals and botanical products, the implication being that it would utilize locally sourced raw materials.
Founded in 1992, Guangzhou Wondfo Biotech Co. Ltd. is one of the fastest growing point of care diagnostic testing (POCT) manufacturers in the world.
It is specialized in research and development, manufacture and sales of rapid diagnostic reagents and related equipment.
In the fight against Covid-19, the company has successfully developed multiple diagnostic products to efficiently detect the virus.
The anti-Covid products are nucleic or PCR tests, which supports room temperature storage, and transportation, antigen tests, which contribute to the early clinical classification and efficient management of suspected patients, and antibody tests, which can be used as additional complements to antigen and PCR testing.
The company went public went public in June, 2015 and employs more than 1,100 employees in China.
Speaking at the handover of investment license to Guangzhou Wondfo Biotech Co. Ltd., UIA Director General, Robert Mukiza, said the authority is keen on attracting more investments in the pathogenic industry in order to boost the sector.
Mukiza said UIA is laser-focused to expedite the process of acquiring investment licenses in order to speed up set up of critical investment projects.
Wondfo Biotech Co. Ltd. becomes the second pathogenic industry investment project that UIA has licensed in one month, the other being Jena Herbals Uganda Ltd., the manufacturers of Covidex, a supportive drug in the treatment of Covid-19.
The Middle East & Africa In-Vitro Diagnostics market studied was valued at USD 2,286.60 million in 2018, and is expected to reach USD 3,013.94 million by 2024, with an anticipated CAGR of 4.71%, during the forecast period.
Guangzhou Wondfo Biotech therefore, has earned a great opportunity to tap into this market following the UIA investment licensing.
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